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Oil Drillers David McNew / Getty Images / AFP
Lowest Oil Discoveries Rate in 70 Years
New York – News reports revealed on Wednesday that oil discoveries had recorded their lowest rate in 70 years reaching 10% of the average discoveries. This year, explorers expect the ratio to further decrease which raised fears of inability to meet future demands....Caption:
Saudi Arabia’s energy minister Khalid al-Falih
Saudi Arabia’s Energy Minister: Demand Remains ‘Very Healthy’, No Specific Level of Oil Output Targeted
Saudi Arabia’s energy minister Khalid al-Falih announced that the world’s largest oil exporter does not target a specific level of oil production and that its output is based on customers’ needs. Speaking during an official visit to China, minister Falih told...Caption:
Fire rises from oil wells, set ablaze by ISIS militants before fleeing the oil-producing region of Qayyara, Iraq, which has been recaptured by Iraqi forces, August 29, 2016. REUTERS/Azad Lashkari
Oil Fires Cast Black Cloud over Qayyara Retaken from ISIS
Qayyara-It gets darker earlier these days in the northern Iraqi town of Qayyara, which ISIS militants abandoned about a week ago after setting fire to many of the region’s oil wells. Smoke billowing into the sky during a Reuters visit on Monday blotted out the...Caption:
An oil field outside of Kirkuk, Iraq. (AFP/File)